Jamison Lands $220M Financing Package Toward Multifamily Towers in L.A.’s K-Town

Jamison is one of the most active multifamily development firms in its hometown of Los Angeles, and true to form, has secured a major loan package for one of its newer apartment complexes. 

The family-run company landed $220 million in financing for a two-tower, 428-unit luxury residential project in L.A.’s Koreatown neighborhood. Named Opus, the 22-story and 14-story development opened its doors last summer at 3545 Wilshire Boulevard.

New York Life Real Estate Investors (NYLREI) provided the package, including a five-year, interest-only loan of $205 million, and $15 million, floating rate mezzanine loan that’s co-terminus with the larger senior loan. BWE’s Max Sauerman and Tyler Shebeck arranged the financing on behalf of Jamison. 

“Jamison developed a wonderful project, and NYLREI, to their credit, was able to provide excellent loan terms on an asset that was not yet fully stabilized,” Sauerman said in a statement. “Regarding the debt, it was refreshing to have a lender that’s comfortable with good real estate, in the right location, and at the right basis, despite choppy capital markets.”

Opus was roughly 90 percent leased at the time of the loan’s closing, per BWE. The building also houses 10,000 square feet of ground-floor commercial space, which is currently 33 percent leased. 

Jamison is one of the most prominent multifamily developers in L.A. the past decade, particularly in its backyard of Koreatown. While it develops new multifamily buildings such as Opus, the firm has largely focused much of its attention on adaptive reuse projects, particularly office-to-residential conversions. 

That includes the former Pierce Life National Building at 3807 Wilshire Boulevard, for which the firm recently landed a $60 million construction loan to convert the property into 210 units. There’s also the nearby 3325 Wilshire Boulevard, which Jamsion is converting into 236 apartments. Its transformation of Downtown L.A.’s Arco Tower into 700 units is currently the largest adaptive reuse project in the city. 

Garrett Lee, president of Jamison Properties, recently sat down with Commercial Observer to discuss his firm’s approach to adaptive reuse conversions, particularly in a city facing an unrelenting housing crisis. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.